Securities Litigation News

May 17, 2012

Two Shareholders Sue J.P. Morgan Over Trading Losses

Wall Street Journal | May 17, 2012

Two shareholder lawsuits were filed late Tuesday against J.P. Morgan Chase Co. and its top executives over the revelation last week that the bank had suffered more than $2 billion in trading losses.

Tags: Class Action, Financial Services, Securities Litigation

OPINION: Let's See Kaplan Kick the Third Rail of Shareholder Litigation

American Lawyer | May 17, 2012

It's time to confront the third rail of shareholder litigation. It's time to ask officers and directors to dig into their own pockets to settle shareholders suits.

Tags: Securities Litigation

May 16, 2012

N.Y. Judge: Delaware Plaintiffs Must Wait to Fight $20 Million BofA Deal

American Lawyer | May 16, 2012

Bank of America shareholders who want to scuttle a proposed $20 million settlement of derivative claims arising from the bank's acquisition of Merrill Lynch have been thwarted again. On Monday U.S. District Judge P. Kevin Castel in Manhattan, who must decide whether to approve the settlement, rejected requests by the objectors to intervene and replace the lead plaintiffs and their counsel.

Tags: New York, Securities Litigation

Securities Suit Filed Against JP Morgan Chase Over Massive Trading Losses

D & O Diary | May 16, 2012

In the wake of JP Morgan Chase’s startling news last week of its $2 billion trading loss, and of the equaling startling statements of Jamie DImon, the bank’s CEO, that the losing trades were, among other things, "flawed, complex, poorly reviewed, poorly executed, and poorly monitored," there has been speculation whether these disclosures would lead to litigation. In particular, commentators have asked whether Dimon’s candid statements would hurt the company in any litigation that might arise.

Tags: Securities Litigation

May 15, 2012

Will Dimon's Very Public Mea Culpa Bring On JPMorgan Lawsuits? Or Prevent Them?

Forbes | May 15, 2012

A Google search this morning doesn’t turn up a securities lawsuit against JP Morgan over its $2 billion trading miscue, but give the lawyers time. They’ll sue, and the question is whether JPMorgan Chief Jamie Dimon‘s very public apologies will give class-action lawyers fuel for a very lucrative settlement, or make it harder for them to win.

Tags: Securities Litigation

Congressional hearings on JPMorgan hedge fund losses likely, attorneys say

National Law Journal | May 15, 2012

Congress is sure to hold hearings on how and why JPMorgan Chase lost $2 billion in hedge fund trading and what safeguards might prevent it from repeating, including testimony from federal banking regulators and the company's chief executive Jamie Dimon, financial regulation lawyers say.

Tags: Securities Litigation

May 10, 2012

SEC Disagrees with Supreme Court’s Anti-U.S. Investor Morrison Decision

Business Insider | May 10, 2012

SEC Disagrees with Supreme Court’s Anti-U.S. Investor Morrison Decision and Favors Clearly Defined Private Right of Action against Foreign Wrongdoers, rather than Abolition of U.S. Investors’ Legal Rights, SEC Staff Study Asserts.

Tags: Financial Services, Securities Litigation

May 2, 2012

Predicting Securities Suit Case Outcomes

D & O Diary | May 2, 2012

A great deal of the analysis of securities class action lawsuit settlements revolves around measures of aggregate, average and median settlement amounts. These data, while useful, are relatively unhelpful in trying to anticipate the outcome of any particular case, particularly at the outset.

Tags: Securities Litigation